MONEY24SA Case Study
MONEY24SA is a national consulting group based in South Africa. The company provides financial advice and assistance to clients. The company’s offers debt restructuring, and debit relief services.
Synopsis
The company advertises its services across multiple digital channels, garnering interest from around the country. As the company’s debt counselling services became more sort after, the volume of interest from prospective customers increased, making it difficult for the team to manage each case using traditional methods. The company reached out to Flowise, a registered FlowCentric Partner, for assistance.
Objectives
Debt review can be an emotional experience for consumers who require it, so it is imperative that debt counsellors provide transparent, speedy assistance when a consumer submits a request.
The company wanted a solution that would help them:
- streamline the debt review process from enquiry through to completion or disqualification.
- improve their service speed and delivery.
- increase employee productivity and application throughput.
Additionally, management wanted insights into the advertising channels that yielded the best results, along with performance metrics on each process and each consultant.
Achievements
Flowise delivered a custom-built efficient Debt Review Application, tailored to suit the company’s unique methods of assisting their clients.
The Debt Review Application receives all leads submitted to the company from their online platforms, such as their website or social media, providing a central location for lead management.
A user group receives the lead information as a new task in FlowCentric Processware. Managers within the user group then assigns the lead to one of the company’s consultants to action.
The consultant receives a task notification via email/SMS alerting them that a consumer has requested assistance. The consultant then contacts the consumer to find out more about their needs and to explain the next steps to them.
Once the consumer confirms that they are interested in proceeding, the consultant sends them an electronic version of Form 16 directly from the Debt Review Application to complete.
The consumer capture’s their income and statutory deductions (for instance, PAYE, UIF, Medical Aid); their essential living expenses (housing, food, school fees, insurance, transport, banking costs); and their total outstanding balances (including arrears if applicable) and the monthly instalments required. The consumer signs the form electronically, automatically returning the form to the consultant. Thereby granting the MONEY24SA consultant the power to obtain the consumer’s personal credit report from any of the national credit bureaus to determine their state of over-indebtedness.
Once the consultant has captured all the relevant information in the Debt Review Application, the application will calculate the consumer’s potential savings. These calculations are based on a unique formula which takes the type of debt, the amount owing, and interest rate into account.
The consultant then sends the consumer a copy of the proposed rearrangement plan, detailing the prospective savings and methods of repayment.
If the consumer is happy to accept the proposed plan, the consultant sends them the final consent forms from the Debt Review Application. Once the consumer signs them electronically the consent forms are automatically returned to the system and a copy is sent to the consumer.
The rearrangement plan is then referred to court for a court order and the consumers goes into the National Debt Review System for processing.
Benefits
- The process from consumer enquiry to completion or disqualification runs smoothly, making a difficult experience much simpler for consumers in need.
- Automated notifications, reminders, and escalations ensure that enquiries are actioned quickly and that no requests are neglected during the entire process.
- Electronic forms and signatures simplify the process and eliminate the need for consumers to print, complete by hand, and scan documents to return.
- Each process has metrics by which the company can measure the performance of their marketing channels, consultants, and forms respectively. These insights alert management to any concerns, allowing them to invest in marketing channels that yield the best results, upskill their consultants, and improve their forms.
